What moves the needle: Operating margin has run around −11% through the cycle, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Stock-based pay runs about 9.5% of sales, a real and recurring claim on owners that the GAAP margin understates. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −27%, above 15% in 1 of 5 years). The steadier read is owner earnings: roughly 5% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

34% of revenue comes from outside the United States.

Revenue by geography, FY2025

United States66%$1.1B
Rest of world24%$388M
Canada10%$164M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
								Income statement
$127M	$257M	$459M	$654M	$944M	$1.3B	$1.6B	$1.7B	RevenueRevenue
20%	12%	15%	20%	19%	15%	14%	13%	SG&A / revenueSG&A/rev
25%	16%	14%	21%	23%	21%	19%	19%	R&D / revenueR&D/rev
($51M)	($29M)	($40M)	($121M)	($114M)	($39M)	$77M	$119M	Operating incomeOp. inc.
−40.0%	−11.4%	−8.7%	−18.5%	−12.1%	−3.1%	4.7%	6.9%	Operating marginOp. mgn
($51M)	($33M)	($39M)	($114M)	($118M)	($37M)	$68M	$106M	Net incomeNet inc.
								Cash flow & returns
$8M	($114M)	($18M)	($109M)	$67M	$112M	$325M	$326M	Operating cash flowOp. cash
$3M	$4M	$5M	$7M	$13M	$18M	$25M	$26M	DepreciationDeprec.
$54M	($91M)	($2M)	($97M)	$35M	($22M)	$77M	$48M	Working capital & otherWC & other
$5M	$2M	$2M	$4M	$3M	$6M	$29M	$25M	CapexCapex
4.0%	0.8%	0.4%	0.6%	0.3%	0.5%	1.8%	1.4%	Capex / revenueCapex/rev
$6M	($116M)	($20M)	($112M)	$64M	$106M	$296M	$301M	Owner earningsOwner earn.
4.6%	−45.3%	−4.4%	−17.2%	6.8%	8.4%	18.1%	17.5%	Owner earnings marginOE mgn
$3M	($116M)	($20M)	($112M)	$64M	$106M	$296M	$301M	Free cash flowFCF
2.7%	−45.3%	−4.4%	−17.2%	6.8%	8.4%	18.1%	17.5%	Free cash flow marginFCF mgn
—	$0	$0	$248K	$41M	$0	$0	$0	AcquisitionsAcquis.
$7M	$0	$0	—	$0	$0	$24M	—	BuybacksBuybacks
—	—	-41%	-53%	-27%	-10%	15%	45%	ROICROIC
—	—	-8%	-24%	-22%	-6%	8%	12%	Return on equityROE
—	—	−8%	−24%	−22%	−6%	8%	12%	Retained to equityRetained/eq
								Balance sheet
$182M	$187M	$403M	$301M	$324M	$368M	$542M	$649M	Cash & investmentsCash+inv
—	$4M	$1M	$7M	$35M	$16M	$28M	$29M	Accounts payablePayables
—	$345M	$608M	$669M	$932M	$898M	$1.3B	$1.2B	Current assetsCur. assets
—	$182M	$142M	$209M	$367M	$329M	$399M	$439M	Current liabilitiesCur. liab.
—	1.9×	4.3×	3.2×	2.5×	2.7×	3.3×	2.8×	Current ratioCurr. ratio
—	—	—	$0	$55M	$55M	$55M	$55M	GoodwillGoodwill
—	$363M	$626M	$696M	$1.0B	$1.0B	$1.5B	$1.4B	Total assetsAssets
—	—	—	$0	$130M	$0	$155M	$0	Total debtDebt
—	—	—	($301M)	($194M)	($368M)	($387M)	($649M)	Net debt / (cash)Net debt
-31.5×	-24.5×	-31.6×	-93.0×	-48.6×	-12.1×	10.2×	13.6×	Interest coverageInt. cov.
($187M)	($211M)	$480M	$480M	$529M	$665M	$869M	$907M	Shareholders’ equityEquity
2.9%	2.0%	3.7%	14.6%	14.5%	12.0%	9.5%	8.5%	Stock comp / revenueSBC/rev
								Per share
21.3M	21.5M	60.7M	168M	181M	195M	218M	217M	Shares out (diluted)Shares
$5.94	$11.97	$7.55	$3.90	$5.22	$6.49	$7.52	$7.95	Revenue / shareRev/sh
$-2.41	$-1.52	$-0.64	$-0.68	$-0.65	$-0.19	$0.31	$0.49	EPS (diluted)EPS
$0.27	$-5.42	$-0.34	$-0.67	$0.35	$0.54	$1.36	$1.39	Owner earnings / shareOE/sh
$0.16	$-5.42	$-0.34	$-0.67	$0.35	$0.54	$1.36	$1.39	Free cash flow / shareFCF/sh
$0.24	$0.10	$0.03	$0.02	$0.02	$0.03	$0.14	$0.11	Cap. spending / shareCapex/sh
$-8.77	$-9.85	$7.91	$2.86	$2.93	$3.42	$3.99	$4.18	Book value / shareBVPS

The diluted share count moved ×2.83 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×2.76 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	+4.0%/yr	−8.9%/yr
Owner earnings / share	+30.8%/yr	—
Capital spending / share	−8.9%/yr	+7.1%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Revenue+29.4%
“Revenue Revenue increased $371.2 million, or 29%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase was primarily driven by a 19% increase in active customers period over period, continued strength in the retention of existing customers, favorable customer behavior based on foreign currency movement, send volume for high-amount senders, and a continued mix shift trending towards digital disbursements.”
✓ figure matches the filed record

The record, charted

FY2019–2025

Each measure over its full record; the current point and the worst year marked.

Share count

218Mpeak FY2025

ROIC

15%low FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$296Mowner earningsvs.$68Mnet incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2019FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $68M of profit into $296M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$68M

Owner earnings$296M · 18% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$68M	($37M)	($118M)	($114M)	($39M)
Depreciation & amortizationnon-cash charge added back	+$25M	+$18M	+$13M	+$7M	+$5M
Stock-based compensationreal costnon-cash, but a real cost	+$155M	+$152M	+$137M	+$95M	+$17M
Working capital & othertiming of cash in and out, other non-cash items	+$77M	−$22M	+$35M	−$97M	−$2M
Cash from operations	$325M	$112M	$67M	($109M)	($18M)
Capital expenditurecash put back in to keep running and to grow	−$29M	−$6M	−$3M	−$4M	−$2M
Owner earnings	$296M	$106M	$64M	($112M)	($20M)
Owner-earnings marginowner earnings ÷ revenue	18%	8%	7%	-17%	-4%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $155M), owner earnings is nearer $141M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 10.2×

Comfortable

Operating income $77M ÷ interest expense $8M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$387M

Net cash

Cash $542M − debt $155M

What this means
Cash and short-term investments exceed every dollar of debt by $387M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -27%

Below average through the cycle

5-yr median, range -53%–15%; 15% latest = NOPAT $73M ÷ invested capital $481M

Industry peers: median 5%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 15% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 18%

High, recently turned positive

latest $296M = operating cash $325M − maintenance capex $29M; positive each of the last 3 years, after an earlier loss stretch (7-yr median 5%)

Industry peers: median 9%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 18% of revenue this year, a 5% median across 7 years. Treating stock comp as the real expense it is (less $155M of SBC) leaves $141M.
Are earnings backed by cash? 4.79×

Cash-backed

Cash from ops $325M ÷ net income $68M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 8%

Reinvests most of it

Dividends + buybacks $24M ÷ Owner Earnings $296M

What this means
Of $296M Owner Earnings, $24M (8%) went back to shareholders, $0 dividends, $24M buybacks. But the buybacks barely exceed stock issued to employees ($155M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.18×

Maintaining

Capex $29M ÷ depreciation $25M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.6B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.30×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $155M vs $917M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (7-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.14/share (latest year $0.32), the averaged base the calculator's gate runs on, and book value is $4.13/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2019–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 7

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −20% → −3% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −20% early to −3% lately, median −11% — pricing power intact or improving.
Reinvestment, incremental ROIC 15%

What this means
Every extra dollar the business reinvested came back at a high incremental return — the lens GBM read for a moat that reinvests rather than merely harvests. The record and the 10-K are where you check whether the rate holds.
Worst year 2019 · −40.0% op. margin

What this means
Operations went underwater in 2019, understand why before trusting the good years.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“Further, our competitors or other third parties may incorporate AI into their business or operations more quickly or more successfully than us, which could reduce customer demand for our products and services and impair our ability to compete effectively.”

The product is the kind capable AI most directly contests: when a substitute can be built cheaply, the incumbent's pricing power is the first thing at risk. The record cannot say whether the moat outlasts that; past durability is a starting point, not a promise.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.2B

Cash & short-term investments$649M
Other current assets$599M

Current liabilities$439M

Accounts payable$29M
Other current liabilities$411M

Current ratio2.84×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.84×stricter: inventory excluded

Cash ratio1.48×strictest: cash alone against what's due

Working capital$808Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+25.2%the freshest read on whether the business is still growing

Current ratio, recent quarters2.5× → 2.8×

Deeper floors

Tangible book value$851Mequity stripped of goodwill & intangibles

Net current asset value$769MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$36M$36M of it operating leases

From the company's latest filing.

How the cash was used, 2019–2025

Over the record, the business generated $271M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$51M · 19%
Buybacks$31M · 11%
Retained (debt / cash)$189M · 70%

Returned to owners$31M
14% of the owner earnings the business produced over the span, $0 as dividends and $31M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $467M.
Average price paid for buybacks$16.10
Across the years where the filing reports a share count, 1M shares were bought for $24M, about $16.10 each.
Net change in share count919.4%
The diluted count rose from 21M to 217M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Oppenheimer	$8.7M	$30.8M	($20M)
2022	Mr. Oppenheimer	$293k	−$14.7M	($112M)
2023	Mr. Oppenheimer	$291k	$7.5M	$64M
2024	Mr. Oppenheimer	$296k	−$689k	$106M
2025	Mr. Oppenheimer	$296k	$359k	$296M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$155M
The slice of the business handed to employees in shares this year, 9% of revenue, equal to 200% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Peers, Commercial Services & Supplies

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CBZCBIZ	$2.8B	14%	8.5%	5%	9%
ALITAlight Inc.	$2.3B	—	-3.6%	-1%	9%
WEXWEX Inc.	$1.8B	45%	29.9%	7%	25%
RELYRemitly Global Inc.	$1.6B	—	-11.4%	-27%	5%
TICTIC Solutions Inc.	$1.5B	29%	-1.1%	-0%	4%
WNSWNS Holdings	$1.3B	35%	12.8%	15%	11%
PAYPaymentus Holdings Inc.	$1.2B	30%	5.1%	13%	7%
MAXMediaAlpha Inc.	$1.1B	16%	2.7%	-12%	6%
Group median	—	—	3.9%	3%	8%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Remitly Global Inc. has delivered.

Remitly Global Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Remitly Global Inc. earns about $75M on its 4.6% median owner-earnings margin. This year’s 18.1% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($75M) Net of stock comp (−$147M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · since FY2023+115%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $301M on 211M shares outstanding, per the 10-Q cover, as of 2026-05-04; net cash $649M. The if-converted diluted count is 217M, 3% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh RELY against another business →

The owners of RELY: the meeting and the votes →

Cite: Owner Scorecard, "Remitly Global Inc. (RELY), the owner's record," https://ownerscorecard.com/c/RELY, data as of 2026-07-09.

Manual order: ← REGN its page in the Manual REPX →

Industry order: ← RELX the Commercial Services & Supplies chapter RMNI →